Nigerian Stocks Reach Record High Amid Market-Friendly Reforms

Nigerian stocks surged to an all-time high on Tuesday, with the all-share index climbing 0.5 percent to an impressive 66,490.3 basis points.

This record high can be attributed to a series of market-friendly reforms that have significantly bolstered investor confidence in Africa’s largest economy.

This recent surge surpasses the previous record of 66,371.2 basis points, which was set over 15 years ago on March 5, 2008.

The gain was driven by robust demand for shares in major financial institutions such as Access Holdings, Zenith, FBN Holdings, and GTCO.

Also, the demand for shares in several consumer goods companies contributed significantly to the overall gains, with the equities sector seeing an increase of N348 billion by the end of the trading session.

Analysts at United Capital, in their weekly outlook note, predict a mixed sentiment in the listed equities market, with investors continuing to carefully select fundamentally sound stocks with strong growth potential based on recently disclosed corporate actions.

Market breadth, a key indicator of investor sentiment, remained positive, with 34 gainers compared to 32 decliners.

The market capitalization increased to an impressive N39.7 trillion from the previous session’s N36.2 trillion, reflecting the substantial growth in market value. Year-to-date, the index has surged by an impressive 29.7 percent.

Top Gainers

1. Flour Mills: Recorded a remarkable 10 percent increase, closing at N33.
2. Champion Breweries: Also surged by 10 percent, ending trade at N3.19.
3. NASCON: Notched up 10 percent, reaching N54.10.
4. Dangote Sugar: Increased by 10 percent to N57.45.
5. NAHCO: Climbed by 10 percent to reach N22.10.

Top Losers

1. CWG: Led the decliners, with a 10 percent decrease, closing at N4.05.
2. Linkage Assurance: Slid by 10 percent to N0.90.
3. Chellarams: Fell to N3.57, marking a 9.9 percent depreciation.
4. Prestige: Recorded a 9.8 percent depreciation, closing at N0.46.
5. UPL: Closed at N2.15, going down by 9.7 percent.

Top Five Trades

A total of 437 million shares, valued at N7 billion, exchanged hands in 7,932 deals during the trading session. The most active stocks included:

1. FBN Holdings: With 55.1 million shares worth N911.2 million traded in 288 deals.
2. Japaul: Trading 33.1 million units, valued at N29.9 million, in 127 transactions.
3. UBA: Exchanging 30.2 million shares valued at N412.2 million in 506 deals.
4. Access Holdings: Trading 25.4 million shares, estimated at N414.4 million, in 452 transactions.
5. Transcorp: Trading 18.2 million shares valued at N127.7 million in 181 deals.

The Nigerian stock market continues to demonstrate resilience and strength, with these record-breaking achievements serving as a testament to the positive economic reforms and investor confidence in the nation’s financial landscape.